10/3/23. Finspiration Friday Morning Report.
Overnight: U.S. stocks plunge.
Dow Jones -1.66%. SP500 -1.85%. Nasdaq -2.05%. Small Caps -2.36%. Banks -7.7%.
RSI for Banks down to 21.41. That's exceptionally low. I'll be surprised if that doesn't result in a snap back.
SP500.
SP500 is down close to the 19 Jan. low which might act as support.
CCI (bottom panel) is showing a potential positive divergence which suggests a low is close to being made. Wait for definite signs of a move back to the upside.
Commodities.
Commodities Index -1.22%. Energy -1.88%. Base Metals -1.25%. Agriculture -0.6%. Gold sparkled +0.98%.
After more than an hour of trading this morning, XJO is down -1.7%, with no sign of a stop to the selling.
BITCOIN.
Bitcoin fell >8% overnight. RSI is down below 20. I'd expect a snap-back rally here now.
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